{"id":8939,"date":"2024-01-16T00:00:00","date_gmt":"2024-01-16T00:00:00","guid":{"rendered":"https:\/\/instituteoflicensing.org\/news_archive\/2024\/01\/16\/uks-largest-nightclub-owner-calls-in-administrators\/"},"modified":"2024-01-16T00:00:00","modified_gmt":"2024-01-16T00:00:00","slug":"uks-largest-nightclub-owner-calls-in-administrators","status":"publish","type":"post","link":"https:\/\/instituteoflicensing.org\/news_archive\/uks-largest-nightclub-owner-calls-in-administrators\/","title":{"rendered":"UK’s largest nightclub owner calls in administrators"},"content":{"rendered":"
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Rekom, which owns the Atik and Pryzm brands, said any restructure of the business could see some of its well-known nightclubs shut for good.<\/p>\n<\/div>\n<\/div>\n

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The BBC reported<\/a><\/em> that the firm said the last year had been a challenging time for the industry. It blamed higher energy prices and students cutting back because of the cost of living for its problems.<\/p>\n<\/div>\n<\/div>\n

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Rekom, which operates around 35 clubs in the UK, admitted last year that its nightclubs were struggling because of poor midweek trading that was usually driven by students.<\/p>\n<\/div>\n<\/div>\n

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It said that tough conditions had particularly affected some of its “larger nightclubs”.<\/p>\n<\/div>\n<\/div>\n

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A notice of intention to appoint administrators “for a number of companies within the group” had been filed on Monday, it said.<\/p>\n<\/div>\n<\/div>\n

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In a statement, Peter Marks, chairman of the firm, said the notice gives the business “breathing space and protection” to work with lenders, landlords and other stakeholders on a potential restructuring plan.<\/p>\n<\/div>\n<\/div>\n

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‘Save jobs’<\/span><\/h2>\n<\/div>\n
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As well as cost-of-living pressures on its customers, the firm said that it had seen surges in its costs and expected more difficulty down the road following a rise in the minimum wage during the government’s latest autumn statement.<\/p>\n<\/div>\n<\/div>\n

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Rekom said this meant it needed to find an extra \u00a32 million in wages.<\/p>\n<\/div>\n<\/div>\n

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Mr Marks said this “led to us having to accept that the group cannot continue in its current structure”.<\/p>\n<\/div>\n<\/div>\n

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“We must go through this restructure to be able to come out stronger for the future,” he said..<\/p>\n<\/div>\n<\/div>\n

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“For any venues that may not continue as part of Rekom UK, we will do our best to find new owners and save jobs.”<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Rekom, which owns the Atik and Pryzm brands, said any restructure of the business could see some of its well-known nightclubs shut for good.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-8939","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"modified_by":null,"_links":{"self":[{"href":"https:\/\/instituteoflicensing.org\/news_archive\/wp-json\/wp\/v2\/posts\/8939","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/instituteoflicensing.org\/news_archive\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/instituteoflicensing.org\/news_archive\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/instituteoflicensing.org\/news_archive\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/instituteoflicensing.org\/news_archive\/wp-json\/wp\/v2\/comments?post=8939"}],"version-history":[{"count":0,"href":"https:\/\/instituteoflicensing.org\/news_archive\/wp-json\/wp\/v2\/posts\/8939\/revisions"}],"wp:attachment":[{"href":"https:\/\/instituteoflicensing.org\/news_archive\/wp-json\/wp\/v2\/media?parent=8939"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/instituteoflicensing.org\/news_archive\/wp-json\/wp\/v2\/categories?post=8939"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/instituteoflicensing.org\/news_archive\/wp-json\/wp\/v2\/tags?post=8939"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}